Credit administrators are responsible for managing and administrating credit-related duties on behalf of their company, and are in charge of facilitating and providing support-processing and electronic solutions for credit transactions. They also analyze credit requirements, process approval applications as required, approve and renew credit limits for clients and partners, and participate in business meetings to suggest new ways to approach credit administration processes.
Those in this position must be organized and have strong analytical skills to read and process large text documents. They must also be proficient with office programs to facilitate credit calculations and write extensive reports based on credit analysis; strong interpersonal skills are also important to communicate well with other financial executives. Credit administrators generally work in an office environment during traditional business hours and report their progress to the credit vice president in their department.
Other responsibilities of those in this position include correlating limits for credit transactions; verifying financial numbers; inputting ratings and notes into company databases; coordinating approvals with operations personnel; reviewing appraisals; modifying loan requests; supervising credit officers to verify correct completion of credit duties; filling out credit applications; maintaining accurate credit records for future reference; and following strict confidentiality procedures.
Credit administrators must work well with others to reach all credit goals within given time-frames, but should also have excellent multitasking abilities. A bachelor's degree in accounting, economics, finance, or a related field is generally required for this job, and prior work experience in a credit or administrating capacity is highly beneficial.
Credit Administrator Tasks
Assess credit risk.
Aggregate and evaluate data related to credit and credit risk to support organizational decision-making.
Ensure that approved accounts remain in good standing.
Establish terms for approved credit requests.